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Is anybody aware of any finance compaies that will finance the WC deposit? Please don't lecture me on this. I know that coverage is paid for in the rears but the insured is having a cash flow issue regarding the deposit and I was asked to see if any financing mechanisms are out there.

Please clarify; are you looking to finance a "deposit" as opposed to the down payment?

Deposit = money held in addition to the estimated annual premium.

Down Payment = percentage of the estimated premium paid up front with the balalnce paid over installments.

Try Standard Funding with respects to the financing of a deposit.

Most standard carriers in California offer pay plans with 15-20% down on workers' compensation policies. With such a low down payment, I would doubt any PFC would offer better terms to finance the deposit.

If your current market is not offerring 20% down or less, try another carrier.

Several carriers are offering their own financing options in addition to their regular direct bill program. A popular one is 1st Comp/Southern Insurance, where the financed down pay is sometimes less than the direct bill down pay. There are others as well.

We have an A rated Work Comp. company that does not require a deposit and very competitive on hard to place business example: Roofers, Truckers, Convalescent Hospitals, Taxi, etc. Generally 10 to 20% less premium than State Fund. You pick your commission from 7 to 15%. It is not a PEO. Give me a call at (559) 799-4922 if you write in California.

Thanks for the replies.

Yes we are looking for options as financing the DEPOSIT on the WC policy.

The carrier wants a 15% Deposit and in California, carriers also are collecting the estimated State Surcharges +4.7% upfront with the deposit. This puts the total cost to start a policy at almost 20%.

YIKES! No line of credit at their local bank? A Car without a lien they can put a short term lien against?

If they can't fund a deposit, how likely is it they'll keep up with a monthly premium? I'd be cautious with this one unless you have prior experience with them and know they are a good pay.